As can be seen from the chart, the fall from 135.70 to 122.25 has been retraced till the 61.8% retracement mark. Since the last few sessions, lead is trading near that key Fibonacci level. In spite of the multiple attempts made by the bulls, the bears aren’t allowing the price to move higher. The momentum indicators on various time frames are in the bears’ favor. On the downside the 20-daily moving average (128.70) and the 40-daily
exponential moving average (127.5) are acting as crucial supports. Overall, lead is expected to fall towards the low of 122.25 with a potential to extend further down. The reversal for the bearish view can be placed above the recent high (131.70) on a closing basis.